Amendment and Extension Agreement to Real Estate Purchase Contract between AspenBio, Inc. and Urban Group, LLC (April 19, 2002)

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Summary

AspenBio, Inc. (Buyer) and Urban Group, LLC (Seller) agree to amend their January 29, 2002 contract for the sale of a property in Castle Rock, Colorado. The amendment updates the purchase price to $655,578.00 based on a recent land survey, requires the buyer to redeem a $50,000 earnest money note by April 19, 2002, and formally assigns the contract to AspenBio, Inc. All other terms remain unchanged. The amendment is effective only if both parties sign and accept it by the specified deadline.

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EX-10.16(B) 5 d95933a1exv10w16xby.txt AGREEMENT TO AMEND/EXTEND CONTRACT DATED 4/19/2002 EXHIBIT 10.16(b) THIS FORM AS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. AGREEMENT TO AMEND/EXTEND CONTRACT Date: April 19, 2002 --------------- RE: Contract dated January 29, 2002 between Roger Hurst AspenBio, Inc. (Buyer) and Urban Group, LLC, a Colorado limited liability company (Seller), relating to the sale and purchase of the following described real estate in the County of Douglas, Colorado: Lot 1, Brookside Business, Centex, Filing #5 Town of Castle Rock, County of Douglas, State of Colorado State of Colorado Final Plat to be recorded the week of April 16 - 19, 2002, prior to closing. known as No. TBD South Perry Street. Castle Rock, CO 80104, (property). - -------------------------------------------------------------------- Street Address City State Zip Buyer and Seller hereby agree to amend the aforesaid contract as follows: Section 2c. Dates and Deadlines.
Item No. Reference Event Date or Deadline - -------- -------------- ----------------------------------------------------- ---------------- 1 Section 5a Loan Application Deadline n/a 2 Section 5b Loan Commitment Deadline n/a 3 Section 5c Buyer's Credit Information Deadline n/a 4 Section 5c Disapproval of Buyer's Credit Deadline n/a 5 Section 5d Existing Loan Documents Deadline n/a 6 Section 5d Objection to Existing Loan Deadline n/a 7 Section 5d Approval of Loan Transfer Deadline n/a 8 Section 6a Appraisal Deadline n/a 9 Section 7a Title Deadline n/a 10 Section 7a Survey Deadline n/a 11 Section 7b Document Request Deadline n/a 12 Section 7c, Section 8a Governing Documents & Title Objection Deadline n/a 13 Section 8b Off-Record Matters Deadline n/a 14 Section 8b Off-Record Matters Objection Deadline n/a 15 Section 8e Right Of First Refusal Deadline n/a 16 Section 10 Seller's Property Disclosure Deadline n/a 17 Section 10a Inspection Objection Deadline n/a 18 Section 10b Resolution Deadline n/a 19 Section 11 Closing Date n/a 20 Section 16 Possession Date n/a 21 Section 16 Possession Time n/a 22 Section 28 Acceptance Deadline Date n/a 23 Section 28 Acceptance Deadline Time n/a
Other dates or deadlines set forth in said contract shall be changed as follows: n/a - -------------------------------------------------------------------------------- Additional amendments: 1. EARNEST MONEY. The Earnest Money Promissory Note in the amount of $50,000.00 shall be redeemed by the Purchaser, by April 19, 2002. 2. ASSIGNMENT. This contract shall be assigned to AspenBio, Inc., Roger Hurst, President. 3. PURCHASE PRICE ADJUSTMENT. The final price of the lot shall be based upon an ALTA/ACSM Land Title Survey dated February 26, 2002 and shall be $5.00 per square foot. The revised total price shall be $655,578.00. All other terms and conditions of said contract shall remain the same. This proposal shall expire unless accepted in writing, by Buyer and Seller, as evidenced by their signatures below, and the offering party receives notice of acceptance on or before _________ _________. Urban Group, LLC a Colorado limited liability company SELLER'S SIGNATURE Date -------------------------------------- ----------- By: Don Weaver, President BUYER'S SIGNATURE Date -------------------------------------- ---------- Roger Hurst, President AspenBio, Inc. BUYER'S SIGNATURE Date -------------------------------------- ---------- By: Roger Hurst, President